An arbitrator is bound by the terms of the contract so far as award of interest from the date of cause of action to date of the award is concerned. Therefore, where the parties agree that no interest shall be payable, the arbitral tribunal cannot award interest. Supreme Court stated so case, Union of India vs Bright Power Projects. In this case, the government and the firm entered into a contract to erect certain structures. Disputes arose between them and they were referred to arbitration. The award was granted in favour of the firm, and it even included interest on the amount awarded. The government moved the high court arguing that interest was excluded in the contract. However, the high court dismissed the contention invoking Section 37 ( 7) of the Arbitration and Conciliation Act dealing with payment of interest. Supreme Court allowed the appeal of the government accepting its contention that the contract had specifically excluded interest. According to Section 37, if the terms o…

Dont be intimidated by the long form if you have a small turnover and limited clients. Here’s how to go about it: The new income tax return form, ITR- 4, for professionals can be intimidating. The 30- page form, also meant for Hindu Undivided Families and those owning proprietary business, mostly tries to capture business information and goods- related information such as cess, taxes, freight on goods, cost of raw material and finished goods, and so on. If you are a professional with a small turnover or gross receipts such as artist, photographer, interior decorator, fashion designer or atutor, there are only a few areas you need to focus on. Here’s a brief guide to calculating your tax liability and filing returns. Salaried & professional If you are salaried and also work as aprofessional for extra income, you might also need to file ITR- 4. “ If a person regularly works through the year as a freelancer, along with a job, he or she would be called a professional,” says Tapati Ghose, …

Those using the 90- day compliance window under the new law on black money to declare hitherto undisclosed foreign assets also need to ensure their assets are valued correctly Aperson is an Indian resident. However, he was a non- resident Indian ( NRI) earlier, when he had acquired foreign assets, which he continues to hold, out of income which was not chargeable to tax in India. Will this person have to disclose foreign assets under Chapter VI of the new law on black money? If you go by the list of ‘ Frequently Asked Questions’ put up by the government to explain this law, the answer would be No. However, consider a real- life scenario.

The senior executive of a large multinational firm receives employee stock option plans ( ESOPs) when he was an NRI six years earlier. This person became a resident Indian a little more than a year before but forgot to declare these assets while filing his income tax return under Schedule FA. Today, the executive is mighty confused. Technically, he is not…

4. Delhi Stock Exchange (DSE) has already been derecognized, vide SEBI order dated 19th November 2014. SEBI has mandated that all companies exclusively listed on DSE, would be shifted to the Dissemination Board (DB) set up by BSE.

5. Increase in stamp paper value for execution of POA for representation before Income Tax authorities from INR 100 to 500. (Only Applicable For The State Of Maharashtra).

6. UCO Bank invites applications from CA for empanelment as Concurrent Auditors for audit year 2015-16 by practicing CA Firms and by existing firms for renewal.